Bank of Canada accepts C$500 million of bonds in purchase auction

By Jennifer Chiou

New York, Oct. 5 - Bank of Canada said it bought back a total of C$500 million of bonds in a repurchase auction on Tuesday.

Specifically, the bank repurchased C$13 million of its 2.75% bonds due Dec. 1, 2010, C$275 million of its 1.25% bonds due June 1, 2011, C$31 million of its 1% bonds due Sept. 1, 2011 and $181 million of its 3.75% bonds due Sept. 1, 2011.

The cutoff yield was minus 0.942% for the 2.75% bonds, 1.128% for the 1.25% bonds, 1.198% for the 1% bonds and 1.196% for the 3.75% bonds.

Following settlement on Oct. 7, the amount of bonds outstanding will be C$7,636,102,000 for the 2.75% bonds, C$6,848,000,000 for the 1.25% bonds, C$7,891,000,000 for the 1% bonds and $7,000,862,000 for the 3.75% bonds.

The government also offered to repurchase its C$9,351,869,000 of 6% bonds due June 1, 2011, C$606,151,000 of 8.5% bonds due June 1, 2011 and C$9,382,000,000 of 1.25% bonds due Dec. 1, 2011. No buybacks were made.

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